Credit monitoring service expansion strategy for the United States market

Identity Theft III

Identity Theft Clean-Up and Credit Monitoring Product Solutions for the United States Market

Product Description

Proactive Solutions

Reactive Solutions

Target Market

Market Analysis

Potential Market Growth

In previous reports various aspects of a new market expansion for a credit monitoring and other related services would be introduction crossed borders from the corporate headquarters in Canada into the United States. The move into the United States marketplace represents a new market expansion that represents an incredible opportunity for the Canadian firm. However, at the same time, it is necessary to understand the differences that are inherent in this market for the expansion to be successful. Any misstep could result in the expansion not creating value for either the consumers or the parent company.

Product Description

The products offered in the organization's product line-up are focused on individual consumers' credit reports. The compositions of the products are centered around protecting, preserving, and repairing a client's credit rating to the maximum possible extent. Thus the products can be considered in terms of proactive solution as well as reactive solution offered to potential clients in the United States. Proactive solutions can be thought of as sort of an insurance policy for potential clients. Our services will continually scan a client's credit transactions to prevent a problem from occurring in a proactive manner. However, if a client does find a problem with their credit report before they official enroll, such as an instance of credit fraud or identity theft, then the client can retain the organizations services to help mitigate and repair the damage to their credit.

Proactive Solutions

Many consumers are becoming increasingly concerned with the state of their credit report. Credit reports are becoming increasingly utilized to screen potential candidates for new credit accounts and loans, employment opportunities, and it is also included in background checks for such activities as applying for a rental agreement. Furthermore, with the rapid advances in technology, more and more information is being included in the content of a credit report. Thus the relevance of a credit report to consumers' everyday life has reached new heights.

As a result of this trend, an exponentially increasing amount of consumers are seeking to proactively protect the integrity of their credit reports to ensure that it does not contain any detrimental information that could prohibit them from buying a house, financing a car, or getting a new job. People that play a proactive role in protecting their credit will eliminate the chance that they could be surprised in the event of some erroneous negative information on their credit report.

Our services can provide clients' piece of mind in regards to the state of their credit report. There are two basic types of proactive solutions for credit rating conscious people (Identity Theft Labs). The first solution that is offered is a fraud alert in the case that a transaction is deemed questionable by monitoring services complex network of algorithms that continuously scan for information that looks out of place. If such a transaction occurs, the consumer is then notified immediately in the communication method of their choice.

The other proactive solution that will be offered to consumers in the United States market represents a service that takes a more holistic approach to credit maintenance. It not only monitors transaction for cases of potential fraud, but it also looks for other types of information that could reduce the quality of the credit score. For instance, say a consumer has accumulated seventy percent of their available credit on a credit card or any other type of a line of credit. The consumer may not be aware that this actually has negative consequences for their credit scoring or credit rankings. Therefore, our organizations holistic credit monitoring solution may offer the client advice on how they can improve their credit ratings by addressing the issues that can bring down their credit ratings that in many cases they didn't even know about.

Reactive Solutions

In the event of an occurrence of identity theft, the processes for rectify such a situation are often complex and confusing to the consumer. To address the situation a victim of identity theft may have to contact the local authorities, state authorities, as well as each credit reporting companies individually. Furthermore, all of the institutions have different methods of disputing the fraudulent information. However, with our services, our clients will be able to alleviate the time and frustration involved with trying to navigate this environment themselves. Our reactive solutions can streamline the process so that they only have to provide the information to our organization and in turn our company will notify the appropriate agencies to ensure that

Market and Growth Analysis

With the continually increasing use of credit reports in nearly every facet of an individual's daily lives, the industry is expected to continue to rapidly grow indefinitely. Some analysts have actually predicted double digit growth in the industry for at least the next decade and possibly longer (Javelin Strategy & Research). This trend has been largely due to the increases in technology. Technology has provided the means for an integrated platform that can record a consumer's credit history for nearly almost every transaction they make on credit they make in their lives from this point forward.

Given the fact that the United States represents the largest economy in the world, it is reasonable to suspect that the optimal time for an international expansion is now. Although the industry is flooded with various competitors, our strategy of becoming a low cost leader among focused demographics can make our strategy successful in a relatively short time. After our products become established in this international market then there will also be countless opportunities to continue to further diversify the product line-up and gain even more market share.